Irwin Financial Corp., Columbus, Ind., has reported the completion of a private placement of $30 million of 30-year trust preferred securities issued in two series by IFC Capital Trust X and IFC Capital Trust XI.The Capital Trust X securities bear interest at a fixed rate of 6.532% (175 basis points over the five-year swap rate) for the first five years and then convert to a floating rate of 175 bps over the three-month London interbank offered rate, Irwin said. The Capital Trust XI securities bear interest at a floating rate of 174 bps over three-month LIBOR. The company said it used the proceeds to redeem the entire $30 million of Irwin's 9.95% Capital Trust V securities. Irwin can be found online at http://www.irwinfinancial.com.
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